The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1887-10-06
Drawbacks TO the Farm.


At the request of Mr.. R. P. Clinkscales,
we publish below extracts from the
speech of Hon. Giles J. Patterson, of
Chester, delivered at the Mt. Holly Far.
mers' Encampment, August 9, 1887:
"Causes of general failure on part of
farmers of North and South Carolina to
make farming profitable occupation"
The subject as stated assumes that
farming in the two sister States is unprof.
liable. 1t is one on which different
opinions are honestly entertained. One
who asserts that farming is profitable,
might argumentatively ask ISIS not the
labor now applied to agriculture as great
as at any previous period of our history?"
Answer, eyes," "Is not the intelligence
directing that labor as great as at any
previous period of our history?" An
swer, "Greater." "Does not the aggre.
gate product of the soil at the present
equal the aggregate product at any pre-.
vious period of our history?" Answer,
aGreater-greater per capita even." "Is
not the general wealth Of the country
increasing from year to year in ratio
equalsto or ereater than the increase in
population 2" Answer, eyes," Then
how can you say that farming is not
profitable? The answer is, "It is prof.
table. 1t does add from year to year to
general wealth, but the farmers do not
get It," elbow do you make this to
appear" There is no general diffusion
Of growing wealth throughout the coun-
try. The farmers as class are not
growing rich. A few it is true increase
their estates, but on inquiry it will be
found that the prosperous farmers own
and cultivate the best land-are free
from debt-have surplus on hand with
which to buy all supplies for the farm at
the lowest cash prices-and are men Of
/. = 80
intelligence and great energy-with the
same capital, intelligence and energy
applied to other industrial pursuits,
their profits would be much larger.
And hence it is that most men of means
prefer to put their money in bonds and
mortgages at stated interest, or to buy
good lands at sacrifice sales and rent
them to tenants at fixed rental. The
profits thus realized are as great or
greater than farming md it is attended
with less risk and much less labor. And
for the same reason cur young men, just
entering upon practical life. press into
other pursuits till they are filled to
repletion, enticed no doubt thereto by
the prospects of larger profits with less
chances for failure.
Ifit be true then that the mature men
of clear intellect and possessed of accu.
mulated means, and also the aspiring
young men, full of vigor, are retreating
from agriculture, when its aggregate
product exceeds srthat of any previous
period of our history, and when too the
general wealth of the country in its
increase is keeping step with the march
of production, the conclusion is forced
upon us that.the profit in farming drops
out somewhere between the producer
and the consumer. Where does it drop
out?. Where are the leaks2 There may
be many, but only two will be empba-
sized on this occasion, because they seem
such great breaks or crevasses in the
banks that control, or should control, and
quicken the current of trade, that others
sink into insigni6cance in comparison,
and are not worthy to be considered in
this. connection.
The hzst in magnitude but least re.
garded *isato be found in the operations
of the financial system Of the General
Government. In the midst of the strain
and pressure of the late war between the
States the General Government was
driven to the necessity of inaugurating
the present system. This system would
have been lifeless and barren of results,
had there not been inserted in it pois.
onous ingredient that would kill all banks
of issue conducted under State charters.
A tax of 10 per cent. per annum was
imposed in the circulation of State
banks. It ought to have been called a
penalty instead of a ta1. The poison had
the desired effect. The circulation of all
State banks was at once called in-the
State banks were converted into National
banks, and the currency became one, and
made legal tender or equivalent thereto.
As a war measure it. may be defended.
But the reason that made this provision
excusable has long since drifted into the
dead past. As an economic measure in
times of peace, for free people it is
utterly indefensible. 1t has broken up
every center of trade in the Union but
one, and that in New York-Charleston
of our State, was once centre of trade,
and was one at the opening of hostilities.
But now the current of trade washes
around and through Charleston like the
waves of the sea wash around and
through battered and stranded ship.
The money power of the Union, consist.
ing of hundreds of millions of Treasury
notes and hundreds of millions of Ma.
tional bank notes and all the money
influences following in their train, is
concentrated and centralized at New
York. That is the apex or center of the
great revolving maelstrom of the fnan-
cial system. All other cities and towns
in the Union are but outposts OF receiy.
ing depots. The huge fortunes built up
in a few years by individuals in and
about New York by some mysterious and
invisible process is the proof of deep